The US Bankruptcy Court for the Eastern District of Virginia has approved the sale of Chesapeake Corp’s operating businesses to a group of investors including affiliates of Irving Place Capital Management and Oaktree Capital Management. Subject regulatory approvals, the transaction is expected to close by mid-April 2009.
Headquartered in Richmond, Virginia, Chesapeake is a major international supplier of speciality paperboard and plastics packaging. In Europe, the company supplies folding cartons, leaflets and labels, as well as plastics packaging for niche markets.
Chesapeake has 44 locations in Europe, North America, Africa and Asia, and employs approximately 5,400 people worldwide.
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